Blockchain monitoring has grown a lot over the past few years. However, many people don’t want to have their financial transactions tracked. Two mixing apps, Tornado.cash, and Cashfusion, have made it easier for crypto owners to trace their bitcoin cash and ethereum. These two applications combined accounted for more than $8 Billion in crypto transactions that were deliberately obfuscated.
Tornado.cash Processes Ethereum More Than $4.8 Billion
Many people are concerned about digital currency privacy. Some people believe it isn’t and can transact on transparent ledgers monitored by blockchain surveillance companies. Privacy advocates use a variety of methods, including using Tor browser and leveraging VPNs. The two cryptocurrency asset mixing apps Tornado.cash (and Cashfusion) have combined more than $8 billion in digital assets as the end of 2021 nears.
Tornado.cash is an ethereum (ETH) mixing tool that has seen approximately 2,344,835 ether worth more than $4.8 billion in deposits. It is extremely popular and Gavin Andresen, a former Bitcoin developer, reviewed it in 2020.. Tornado.cash recently announced that it is in the process of deploying on Arbitrum One’s L2 (layer 2) Ethereum platform. From the $4. 87 billion deposited, Tornado.cash users paid $7.2 million in network fees, according to metrics from Dune Analytics.
Tornado.cash metrics via Dune Analytics’ dashboard.
Statistics further indicate that there have been 12,240 unique depositors and 36,382 unique withdrawal addresses. The $4.8 billion in deposits was distributed by 98,593 unique deposits from the 12,240 addresses. The share of withdrawals using a relayer is roughly 70,800, while traditional wallet withdrawals are around 20,233.
Bitcoin Cash Fusions More Than $3.8 Billions Since November 2019
The Cashfusion project, which is leveraged by bitcoin cash (BCH), has also seen some billions of coins mixed. The non-custodial mixing application that’s featured in the Electron Cash wallet has been a popular anonymity tool since November 28, 2019. Cashfusion provides significant transaction obfuscation. The project was reviewed in January 2020. by James Waugh, a data analyst.
The aggregate total of bitcoin cash (BCH) fusions as of December 25, 2021.
Waugh stated that he had combed through thousands upon thousands of transactions and found that “it was impossible to establish a concrete connection” between them. As of today, and since November 2019, 7,293,680 bitcoin cash worth 3. 28 billion has been processed. There have been 6,931,976 inputs and 7,102,213 outputs to date and BCH fees are negligible in comparison to Ethereum’s network fees at 169 satoshis for every BCH fused.
These two mixing applications are very popular and are frequently used. BCH enthusiasts participate in Fusion Fridays on Fridays to fuse their coins together. Tornado.cash will support Arbitrum One so fees will be lower than the usual onchain ETH fee. The non-custodial wallets Wasabi and Samourai offer mixing options for bitcoin (BTC) in addition to mixing applications that are dedicated to ethereum and bitcoin cash (ETH).
This story contains tags
Anonymity, BCH mixer. Bitcoin (BTC), bitcoin Cash, bitcoin cash BCH. Cashfusion. Fusing, Fusion. Inputs. Mixing tools. Outputs. Privacy. Private Transactions. samourai wallet. Tornado cash. UTXO mixing.
What do you think of the privacy-mixing tools Tornado.cash or Cashfusion? Comment below to let us know your thoughts on this topic.
Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News, is Jamie Redman. Redman has been an active participant in the cryptocurrency community since 2011.. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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